The risks are high as we get deeper in the red

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BRITAIN is a nation of debtors. Every adult in the country now owes an average of £18,000 and, with the festive season in full swing, the one thing that virtually everyone can guarantee getting for Christmas is a hefty credit card bill. The latest official figures show net lending rising by almost £10 billion per month — or by £200 per person over the age of 18. In anyone’s book, that is a scary number.

This explosion of lending has the potential to cause massive economic disruption. The ratio of household debt to income is now at a record high